The price of Ripple (XRP) is trading in the uptrend zone as the altcoin has risen strongly to the high of $0.50.
Since September 28, buyers have defended the support at $0.41, which is the breakout level. The cryptocurrency could have fallen into the downtrend area if the bears had fallen below the $0.41 support.
Nonetheless, XRP rose back above the current support on September 29 and reached the high of $0.50. If the buyers overcome the resistance at $0.55, XRP will continue to rise to the high of $0.65. However, if buyers fail to break through the resistance at $0.55, the cryptocurrency will fall to the breakout level at $0.41. A break below the $0.41 support will signal a resumption of selling pressure. XRP/USD will fall to the price level of $0.38 or $0.32.
XRP is at level 66 of the Relative Strength Index for period 14, indicating that XRP is in the bullish trend zone as buyers are approaching resistance at $0.55. The price bars are well above the moving average lines as the market continues its rise. The altcoin is above the 60% area of the daily stochastic. This indicates that the market is in a bullish momentum.
Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20
Ripple has resumed its uptrend after the price hit the previous highs. Buyers are trying to break through the resistance at $0.55. Meanwhile, the uptrend from September 23 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that XRP will rise to the Fibonacci extension level of 1.618 or the high of $0.39.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing